Seattle Area Investing

[Eileigh Bevers]

I am just getting serious about REI and am taking the time to read as much as I can, go to REI meetings, listening to podcasts and begin planning my support team.

I have several ideas on how I want the structuring and maintaining of the business to be organized so that I can continue to work for another 5-10 years, but I will be limited on the money end until next year.  Having said that, I am eager to get started, so I am open to learning on the "no money down" concept - which will be especially important in this area.

My REI preferences (at this point) are apartments, SFR and duplex's.

I have need of a tax/real estate attorney and an accountant, so any referrals are welcome.  

In addition, I know that most investors use LLC's, but should I set one up before the properties have been purchased, or obtain the property and then open the LLC?

I look forward to interacting with everyone in the future.

Eileigh

[Ryland Taniguchi]

Welcome to BP. I disagree with some comments on here that you can't do zero-down without a lot of experience. In real estate, you need to have 1) good credit and income 2) access to cash OR 3) be able to find a good deal. If you can do just one and have the right mindset to JV or partner up with experienced investors, you can do this business zero down.

I have personally worked with at least 30 people that I can think of that we're able to make money with out any money or experience.

The thing is to take action. You cannot make the excuse that I do not have money and so I will wait to buy houses when I have money.

The #1 thing that holds people back in real estate is the mindset that you can do it all yourself. People think they can be the marketer, negotiator, closer, deal analyzer, carpenter, plumber, electrician, painter, property manager, listing agent, staged, developer, etc. Making money in real estate is a team sport and you must work with others. You can't be good at everything and what you don't know WILL lose you money.

If you don't have money, you don't need to find the attorney and CPA. Find experienced people to learn from that have attorneys and CPAs. Building your team is another excuse for people to never get started.